Page 6 - MEOG Week 41 2021

MEOG PRICES & PERFORMANCE MEOG

OPEC+ output up

but still well short

OPEC+ OIL production among members of the OPEC+ addition of 400,000 bpd of oil to November. In a
group increased by 470,000 barrels per day dur- press release to accompany the announcement,
ing September, according to a survey by S&P OPEC said that the group “reaffirmed the deci-
Global Platts, but output remains more than sion of the 10th OPEC and non-OPEC Min-
500,000 bpd below combined quotas. isterial Meeting on 12 April 2020 and further
The survey showed that production among endorsed in subsequent meetings including the
OPEC members was 27.29mn bpd, 320,000 bpd 19th OPEC and non-OPEC Ministerial Meeting
higher than in August with the nine non-OPEC on the 18 July 2021.”
countries having produced 13.44mn bpd, up It added that during the October 4 meeting,
150,000 bpd from a month earlier. This leaves OPEC had “reiterated the critical importance of
combined OPEC+ production 570,000 bpd adhering to full conformity and to the compen-
under quota. sation mechanism taking advantage of the exten-
The largest increases came from Kazakhstan sion of the compensation period until the end of
(110,000 bpd), Russia (90,000 bpd), Saudi Arabia December 2021.”
(also 90,000 bpd) and Iraq (80,000 bpd); how- This marks the latest effort to bring in line
ever, most OPEC+ members have struggled to producers that have failed to comply with output
increase output following prolonged periods of quotas. Russia, Iraq, the UAE, Bahrain, Gabon
underinvestment, with output well below levels and South Sudan have all exceeded their quotas
anticipated. to varying extents in recent months, with the two
The largest OPEC underperformer was Nige- Middle Eastern nations having been regularly
ria, which fell 224,000 bpd short of its quota with guilty of overproduction in recent years.
pipeline damage having an impact on exports, The statement noted that “compensation
while Malaysia was the largest non-OPEC mem- plans should be submitted in accordance with
ber underperformer, with output reportedly the statement of the 15th OPEC and non-OPEC
down owing to difficulties at an offshore facility. Ministerial Meeting”.
The update follows the announcement last The next meeting is scheduled to take place
week that the group would stick with its planned on November 4.™
Targets (mbpd) Baseline (mbpd)
October 2021 November 2021 Until end May 2022 May 2022 onwards
OPEC
Algeria 0.942 0.952 1.057 1.057
Angola 1.363 1.377 1.528 1.528
Congo (Brazzaville) 0.29 0.293 0.325
Equatorial Guinea 0.114 0.115 0.127
Gabon 0.166 0.168 0.187
Iran Exempt Exempt
Iraq 4.149 4.193 4.653 4.803
Kuwait 2.505 2.532 2.809 2.959
Libya Exempt Exempt
Nigeria 1.631 1.649 1.829 1.829
Saudi Arabia 9.809 9.913 11.000 11.500
UAE 2.825 2.855 3.168 3.500
Venezuela Exempt Exempt
Total 23.794 24.047 26.683 27.176

Non-OPEC
Azerbaijan 0.64 0.647 0.718 0.718
Bahrain 0.183 0.185 0.205 0.205
Brunei 0.091 0.092 0.102 0.102
Kazakhstan 1.524 1.54 1.709 1.709
Malaysia 0.531 0.537 0.595 0.595
Mexico 1.753 1.753 Exempt Exempt
Oman 0.787 0.796 0.883 0.883
Russia 9.809 9.913 11.000 11.500
Sudan 0.067 0.068 0.075 0.075
South Sudan 0.116 0.117 0.130 0.130
Total 15.501 15.648 15.417 15.917

P6 www. NEWSBASE .com Week 41 13•October•2021